Racecourse Avenue

Menangle Park NSW 2563

P: (02)4645 2200
E: info@clubmenangle.com.au
W: www.clubmenangle.com.au

2020 ANNUAL

REPORT
New South Wales Harness Racing Club Limited
118th Annual Report
In Appreciation of our

SPONSORS FOR THE 2019/2020

RACING SEASON

ACKNOWLEDGEMENTS
• Cr George Brticevic, Mayor of the City of Campbelltown.
It is with gratitude the directors formally acknowledge the following
• Ms Lindy Deitz, City of Campbelltown Council General Manager.
individuals and organisations that have been generous with their
support and co-operaton in the 2019-2020 season. • HRNSW under the Chairmanship of Rod Smith & Ken Brown
• HRA under the Chairmanship of Michael Taranto
• The Hon. Kevin Anderson MP, Minister for Racing
• Chairman, Board and Executives of Tabcorp and Sky Channel.
• The Hon. Victor Dominello, Minister for Customer Service
• The Club’s sponsors and supporters.
• Mr Greg Warren, Member for Campbelltown.
• Mr Nathaniel Smith, Member for Wollondilly. • Owners, trainers, divers and particpants of the Harness Racing
Industry.
• Mr Peter Sidgreaves, Member for Camden.
• Representatives from all forms of the Media.
• Dr Michael Freelander MP, Federal Member for Macarthur
• Reciprocating Clubs, interstate, intrastate and international.
• The Hon. Angus Taylor, Federal Member for Hume
• Ms Natasha Mann, Executive Director of Liquor, Solicitors: AMW Lawyers & Pigott Stinson Lawyers
Gaming and Racing Auditors: Deloitte Bankers: Westpac Banking Corporation
 Contents
Contents 1
Notice of Meeting 1
Directors’ Report 2
Chairman’s Report 4
Chief Executive’s Report 5
Racing Gallery 7
Financial Statements 17
Directors’ Declaration 23
Independent Auditor’s Report 24
Auditor’s Independence Declaration 24

NOTICE OF MEETING
Notice is hereby given that the 118th Annual General
Meeting of the New South Wales Harness Racing Club
Limited will be held on Level Two in the Members Lounge,
Club Menangle, Racecourse Avenue, Menangle Park on
Saturday, 30th January 2021, commencing at 4.00pm.

AGENDA

1. To confirm the Minutes of the previous Annual General

Meeting held on Saturday, 19 October 2019.

2. To receive the Annual Report and the Club’s Financial

Report for the year ended 30 June, 2020.

3. To transact business that has been brought before the

meeting under the Rules of the Club.

4. To declare those Members elected to the position of

Director.

QUESTIONS

Members who intend to bring forward questions at the 2020

Annual General Meeting are requested to give notice of
same to the undersigned at least forty-eight (48) hours prior
to the meeting so that information required can be available
at the meeting.

Club Menangle - 2020 Annual Report 1

Directors’ Report
The directors of New South Wales Harness Racing Club Limited submit herewith the annual financial report of the
company for the financial year ended 30 June 2020. In order to comply with the provisions of the Corporations Act
2001, the directors report as follows:
The names and particulars of the directors of the company during or since the end of the financial year are:
R J Marshall
7 years a Director – Chairman 1 year
Director of NSW Standardbred Re-homing Company;
Chairman of Australian Pacing Gold Ltd; Representative
on NSW Harness Racing Industry Consultation Group;
Delegate to Harness Racing Australia; ex officio Member of
all Club Menangle workgroups; Former Chairman of the
Inter Dominion Harness Racing Council; Former Member of
Harness Racing NSW; Former Member of the NSW Harness
Racing Regulatory Authority
M J Brown
7 years a Director - Deputy Chairman
Director of Michael Brown Planning Strategies Pty Ltd;
Director of NSW Standardbred Re-homing Company;
Qualified Mediator (Australian Commercial Disputes
Centre); Bachelor of Applied Science (Environmental
Planning); Diploma in Local Government Management;
Associate Diploma in Town and Country Planning;
Chairman of the Infrastructure and Asset Management
workgroup; Chairman of the Events, Promotion and Club
Services workgroup; Chairman of the Menangle Country
Club workgroup; Member of the Racing and Racing Facilities
workgroup. Harness Racing NSW Volunteer Appreciation
Award 2016. Initiated the Indigenous Drivers Series (JC
Caffyn Plate). President of NSW Standardbred Owners
Association.
W E Ellis
5 years a Director – Executive Director
Journalist (Consolidated Press 1964-1972; News Limited
1972-2008 including Olympic News Team 2000 and editor
harness racing content, Daily Telegraph); Trainer-driver
1969-2007 with A-Grade licences from 1975; Foundation
member, NSW Harness Racing Media Guild and President
from 1990-2008; Member former Harness Racing Advisory
Council 1996; Advisor to NSW Harness Racing Appeals
Tribunal since 2012; Recipient of the HRA Meritorious
Service Award; Director of Australian Pacing Gold; Chairman
of the Media and Communications workgroup; Member
of the Events, Promotions and Club Services workgroup;
Member of the CEO Review workgroup. Member, NSW
Standardbred Owners’ Association; Alternate Delegate to
Harness Racing Clubs Committee.
R G Sharman
27 years a Director
Chairman (2013-2019). Deputy Chairman (2007-2013).
Executive Director (2001-2007). Licensed conveyancer;
Hospital Scientist; Bachelor of Science; Diploma of Law;
former delegate to Harness Racing Australia; former
Director of Racingcorp Pty Ltd; former director NSWHRC
Syndications; Former representative Harness Racing
Industry Consultative Group; Member of the Finance and
Risk Management workgroup; Member of the Media and
Communications workgroup; Member of the Menangle
Country Club workgroup.
2 Club Menangle - 2020 Annual Report
G J Campbell OAM
4 years a Director
Over 30 years experience in corporate consultancy services
with particular emphasis on hotels and registered clubs.
Current board appointments include; Lead Independent
Director Ainsworth Game Technology, Director of Liquor
Marketing Group Limited (Bottle Mart); Chairman of
Nominations Committee of Parramatta National Rugby
League Club (Eels); and Chairman of the Audit Committee
of Illawarra Catholic Club Group. Previous Board
appointments include; Vice Chairman Harness Racing
Australia; Chairman of Harness Racing NSW; Director of
Central Coast Stadium; and Director of Blue Pyrenees
Wines. Mr Campbell is a recipient of the J.P. Stratton award
and the Ern Manea Gold Medal and was an inductee of the
Inter Dominion Hall of Fame in February 2014. Awarded
Order of Australia Medal in January 2018 for services to
harness racing.
Chairman of the Finance and Risk Management workgroup;
Member of the Infrastructure and Asset Management
workgroup; Member of the Menangle Country Club
workgroup; Member of the CEO Review workgroup.
D Cordina
3 years a Director
Currently the General Manager of Cordina Chickens with
decades of experience in senior corporate management.
Lifetime of involvement in the harness racing industry
as an owner, breeder and administrator. Current racing
administrative involvement includes, Vice-President NSW
Standardbred Owners Association, former committee-
member NSW Trotters Association and former Director
NSW Standardbred Sales. Also an active member of
Harness Breeders NSW and Harness Breeders Victoria.
Delegate for Harness Racing Clubs Committee; Director
NSWHRC Syndications; Chairman of the Racing and Racing
Facilities workgroup; Member of the Events, Promotion and
Club Services workgroup.
A S Smith AM
2 years a Director
Over forty years’ service in NSW public sector, with
final appointment as Deputy Director General, NSW
Department of Premier and Cabinet. Former Statutory
and Other Offices Remuneration Tribunal and former
Chair, State Emergency Management Committee. Alex’s
final appointment was to the NSW Department of Premier
and Cabinet as Deputy Director General. Alex was made
a Member of the Order of Australia in recognition of his
service to public administration. Alex continues to provide
consultancy services to the NSW public sector as Chair and
members of various Audit and Risk Committees, including
NSW Parliament and Office of the Director of Public
Prosecutions. Former member of Harness Racing NSW and
is currently a member of Harness Breeders NSW and the
NSW Owners Association. Director NSWHRC Syndications.
Chairman of the CEO Review workgroup; Member of the
Racing and Racing Facilities workgroup; Member of the
Finance and Risk Management workgroup; Member of the
Infrastructure and Asset Management workgroup.
 B H Christison
Chief Executive (from 2014)
Former Operations Manager (2004-2014) and Financial
Controller (1994-2004) – NSW Harness Racing Club; Former
Secretary Australian Pacing Gold (2004-2009); Former
Assistant Financial Controller Westpac Travel (1991-
1994); Director of Racingcorp Pty Ltd; Secretary NSWHRC
Syndications; Member of Finance and Risk Management
workgroup; Member of Infrastructure and Asset
Management workgroup; Member of the Events, Promotion
and Club Services workgroup; Member of the Media &
Communications workgroup.
Directors’ meetings
The following table sets out the number of full directors’
meetings held during the financial year and the number of
meetings attended by each director (while they were a director).
During the financial year, 12 board meetings were held.
Directors Meetings Meetings
Held Attended
R J Marshall 12 12
M J Brown 12 12
W E Ellis 12 12
R G Sharman 12 12
G J Campbell OAM 12 11
D R Cordina 12 11
A S Smith AM 12 12
Remuneration of Directors and Senior Management
Information about the remuneration of directors and senior
management are set out in the full Financial Report.
Principal activities
The principal activity of the company is to conduct and
promote Harness Racing at Tabcorp Park at Club Menangle.
During the financial year there were no significant changes
in the nature of those activities.
Vision and Strategic objectives
Our vision is to continue our development as the premier harness
racing club in Australasia. The strategic objectives of the company
are to:
• Market our overall business so that we are recognised as a
preferred entertainment and events destination.
• Commercialise non-racing activities so that they form a
profitable part of the business and support our racing activities.
• Build Club Menangle as a community destination.
• Grow community “togetherness” so that we are a respected
major contributor to community stakeholders.
• Optimise our investments and assets to achieve a profitable
return and meet budgetary commitments.
Performance measures
The company measures its performance from both the
total income derived and the cost incurred in earning that
income. In addition to financial measures a number of non-
financial indicators are used. Key performance measures of
the company include:
• Prizemoney distributed
• Investment return
• Membership numbers
• Sponsorship income
• Donations made and community projects
• Revenue derived from catering, functions and special events
Review of operations
The net result for the year amounted to a loss of $6,682,842
(2019: $1,538,075 profit). The net operating loss includes an
amount of $2,481,958 (2019: $1,911,320) for depreciation.
In the current year there was a downward fair value
movement in the investment property of $435,000 (2019:
Nil) and a $457,843 (2019: Nil) downward fair value
movement in biological assets.
Club Menangle - 2020 Annual Report 3
Changes in state of affairs
In February 2020, the company opened a new registered
club, the ‘Menangle Country Club’. This brand will continue
to be developed by the board into the future.
There were no other significant changes in the state of
affairs of the company during the financial year other than
that referred to in the financial statements or notes thereto
Subsequent events
Subsequent to the end of the financial year there continues
to be considerable economic impacts in Australia and
globally arising from the outbreak of COVID-19 virus and
Government actions to reduce the spread of the virus. The
outbreak of COVID-19 has impacted on revenue streams
of the company in the current financial year. In particular,
wagering revenue, investment income, catering and gaming
revenue have all been impacted. As the severity and
duration of the economic impact of COVID-19 is unknown
at the date of signing the financial report the company is
unable to determine what financial effects the outbreak of
the virus may have on the company in the coming financial
period. Furthermore, during the year to 30 June 2020, the
company received $478,500 in Jobkeeper support, however
the company’s eligibility after September 2020 is not
certain. Negotiations surrounding the rental income to be
received from our Kirribilli property are also ongoing at the
date of signing the report. No future financial effects arising
from the economic impacts of the virus have been included
in the financial results for the year ended 30 June 2020.
Furthermore, subsequent to year end the Directors and
management of the company have been monitoring the
medical condition of the stallion, Lazarus, which was
transported into Australia in August 2020 as part of its
southern hemisphere breeding programme. Upon arrival,
veterinary results identified a temperature spike with the
stallion. This may have an impact on the fertility of the
stallion for the upcoming breeding season, however at the
date of signing the financial report the financial impacts of
this cannot be determined.
Future developments
Disclosure of information regarding likely developments in
the operations of the company in future financial years and
the expected results of those operations is likely to result in
unreasonable prejudice to the company. Accordingly, this
information has not been disclosed in this report.
Conditions on winding up
ln the event of the company being wound up, each member
undertakes to contribute an amount not exceeding two
dollars ($2.00) during the time that he or she is a member
of the club; or within one year thereafter for the payment of
the debts and liabilities of the company contracted before
the member ceased to be a member; and costs, charges
and expenses of winding up.
Indemnification of officers and auditors
During or since the financial year the company paid a
premium in respect of a contract insuring the directors of
the company (as named above), the company secretary and
all the executive officers of the company and any related
body corporate against a liability incurred as such director,
secretary or executive officer to the extent permitted by the
Corporations Act 2001.
The contract of insurance prohibits disclosure of the nature
of the liability and the amount of the premium.
The company has not otherwise, during or since the
financial year, indemnified or agreed to indemnify an officer
or auditor of the company or any related body corporate
against a liability incurred as such an officer or auditor.
Auditor’s independence declaration
The auditor’s independence declaration is included on page
24 of this report.
This directors’ report is signed in accordance with a
resolution of the directors made pursuant to s.298(2) of the
Corporations Act 2001 this 24th day of September 2020
On behalf of the Directors:
R J Marshall M J Brown
Chairman Deputy Chairman
Chairman’s Report
Robert Marshall
If I can borrow from Queen Elizabeth’s speech on the
occasion of the 40th anniversary of her accession to the
throne: Fiscal Year 2020 is not a year on which I shall look
back with undiluted pleasure. It can justifiably be described
as an annus horribilis.
The 12 months to June 30, 2020 were characterised by
happenings of truly biblical proportion - floods, fires,
drought, financial chaos and plague - even Dorothea
Mackellar in her iconic poem, My Country, could not have
imagined that our way of life in this, the luckiest of the lucky
countries, could be so challenged and indeed changed,
perhaps forever.
That said, atop this mound of economic, social and
environmental turmoil, I have found some very precious
diamonds that I want to share with you:
Firstly, I must acknowledge the leadership of Harness
Racing New South Wales under the care of new Chairman
Ken Brown and CEO John Dumesny. The NSW harness
industry barely missed a beat through all of the challenges
of the year, ensuring the lives and livelihoods of our
fabulous participants and their very patient and supportive
owners.
The COVID-19 planning of HRNSW was complemented by
meticulously maintained protocols here at Club Menangle,
all the more difficult when dealing with participants from
four separate geographical regions at a single race meeting.
Our Carnival of Miracles posted new records, highlighted
by the win of Stylish Memphis for Mark Purdon in the
Oaks, the Derby quinella to Emilio and Mary Rosati and
trainer Anthony Butt, and Luke McCarthy’s first Miracle Mile
success on King of Swing.
The Carnival underwent some significant restructuring with
the inauguration of Ladies Night, given over to the running
of the Oaks final along with the Ladyship Mile, Derby
heats and the Miracle Mile Sprints. The Fashions in the
Field event was also held this night with a much enhanced
prominence and participation.
Anne Turnbull.
Colin Watts proudly accepting Jack
Watts as a ‘Legend’ induction.
4 Club Menangle - 2020 Annual Report
Ladies Night was particularly special
in that we enrolled one of our
members, Anne Turnbull, into our pantheon of ‘First Ladies’
of NSW harness racing. Anne was the first woman to drive
in a race covered by the NSW TAB, aboard Penny Lopez at
Penrith in December 1977. Her pioneering endeavours
have paved the way for the invaluable involvement of
women in the industry of 2020.
We also inducted two new Legends into our Hall of Fame:
Sutton McMillan and Jack Watts. Sutton drove Altivolo to
win the first race under lights at Harold Park on 1st October
1949; Jack was associated with some of the true champions
of the night trotting era, Caduceus, Sibelia and Smoke
Cloud. JD Watts’ son, Colin, spoke of his family’s century
old relationship with harness racing and their pride in the
achievements of their great progenitor.
The grand opening of the Menangle Country Club in January
was a momentous occasion and the large attendance by
members was testament to the importance of this very
special event in the life of Club Menangle. The promising
returns that trade and turnover showed before COVID
restrictions were imposed gives us every confidence that
the Menangle Country Club will be a crucial part of freshly
paving the difficult road ahead for Metropolitan harness
racing.
While the Corona Virus pandemic did create tension with
some of our racing plans, we were still able to enjoy the
success of our Fishers Ghost meeting, with its focus on the
JC Caffyn Indigenous Drivers Series; many of our Country
Series races were able to be conducted and even the TAB
$1 Million pace went ahead, although in a regionalised
format with $100K on offer for each final. The Metro
winner was the rising star, Wolf Stride, for Team Rosati and
Butt.
A bitter pill for members since March has been the reduced
access to the track and the limits on member facilities
that has accompanied COVID-19. While the Board’s
decision to waive Trackside member subscriptions for the
Ray McMillan accepting Sutton
McMillans induction.
 following year has acknowledged the limitations, I share the
frustration of my fellow members. The postponement of
the Sydney Inter Dominion to December 2021 has been a
further disappointment.
During the year, we farewelled a number of long-standing
members. Our thoughts and prayers go out to their family
and friends:
Valete:
• John Mathews • Robert Sharpe
• Bill Kemp • Frances Fitzpatrick
• Ray Ryals • Andrew Ho
• Richard Guyer • Philip Burch
• Ronald Loader • Robert Turner
• William (Bill) Atkins • Robert Ingham
2020 Board of Directors: Michael Brown, Graeme Campbell OAM, Daniel Cordina, Bill Ellis,
Ray Sharman, Robert Marshall (Chairman), Alex Smth AM and Bruce Christison (CEO).
Chief Executive’s Report
Bruce Christison
The 2020 year was one so full of promise. On the racetrack we
had three $1 million race carnivals to be conducted within a
twelve month period. Starting with the Club’s premier annual
event, the Carnival of Miracles, followed by the introduction of
the TAB $1 Million Pace and then the hosting of the NSW Inter
Dominion in November and December 2020. Off the track,
the new Menangle Country Club was scheduled to open just
before the Miracle Mile Carnival.
Everything was going to plan with the official opening of the
spectacular Menangle Country Club in late January 2020
followed by another highly successful edition of the Carnival
of Miracles, which culminated in the win by King of Swing in
the Ainsworth Miracle Mile on 7 March 2020.
Unfortunately, that is where the good news ended. Only a
week after the running of the Miracle Mile, the entire Country
and in fact the entire world changed as the drastic impacts of
COVID-19 would quickly become evident.
I would normally start this report by stating the Club’s financial
result however as this years result has been so severely
Club Menangle - 2020 Annual Report 5
Finally, I want to express my thanks to my Board
colleagues for their enormous contribution this year.
Likewise, my sincerest thanks on your behalf to newly
re-appointed CEO Bruce Christison. His leadership and
that of his Management Team has been outstanding in
unprecedented circumstances.
Our staff at the Country Club, at Trackside and in the
Office have also done an extraordinary job to maintain our
operations and a continuity of service excellence to our
customers and to the Macarthur community.
We hope that, out of the horrors of 2020, the year ahead of
us will be an annus mirabilis.
impacted by the COVID-19 pandemic
it warrants starting with the financial
picture before COVID-19 struck our
shores. Whilst the significant impacts
on our day to day lives were not felt
until mid March the impact on world
financial markets began in the last
week of February 2020. I will therefore take you back to the
Club’s financial statements of 31 January 2020. The Club’s
investment portfolio had already generated $6.15 million in
revenue and with five months still remaining, the forecast
result for the Club was a profit of $2.5 million.
We fast forward to 30 June 2020 and the revenue generated
by the Club’s investment portfolio fell from $6.15M to just
$472,000 and the forcast profit of $2.5M became a loss of
$6.68 million. Whilst there was an impact on a number of
areas the effect on the investment portfolio was extreme, a
reduction of $6.562 million on the previous financial year.
In one eight-week period between February and March the
investment portfolio lost $12.2 million. The recovery over the
 following months took the investment earnings into positive
territory but only just. On a positive note, at the time of writing
this report the recovery has continued with investment
earnings for the two months to 31 August 2020, half a million
dollars above budget.
The reported loss of $6.68 million includes the following non-
cash items:
• Depreciation of $2.482 million, compared to $1.911 million
in the previous year.
• Fair value reduction of $0.435 million (2019: Nil) on the
Kirribilli Club investment property.
• Fair value reduction of $0.458 million (2019: Nil) on the
Biological asset (Lazarus Breeding Rights).
After adding back these non-cash items totaling $3.375
million, the cash loss is $3.31 million.
The impact on the investment portfolio resulting from the
COVID-19 pandemic, highlights the reliance on the Club’s
own funds in the pursuit of maximising prizemoney returns.
In the current year, the impact was exacerbated due to the
economic downturn taking place late in the financial year. The
Club sets prizemoney levels at the beginning of the financial
year based on industry funding projections from Harness
Racing NSW (HRNSW) and investment portfolio projections
based on historical data. If there is a downturn in these forms
of revenue early in the year, the Club has the opportunity to
respond by reassessing prizemoney levels.
In this case the actual industry funding was down by
$1.668 million to budget and as previously mentioned, the
investment fund return was $6.56 million below the previous
year and $4.3 million below the budgeted level.
The Board and Management view a reduction in prizemoney
as a last possible resort when faced with financial pressures.
Accordingly, the decision was deferred until further industry
projections became available. Unfortunately, these projections
suggested a prolonged financial impact from the COVID-19
pandemic and in May 2020 the difficult decision was made
to reduce prizemoney levels. These changes included the
reduction of midweek prizemoney from $9,000 to $7,000 per
race. As a result of improved projections there has already
been a subsequent increase to $8,000 per race and the Board
and Management will continue to closely monitor industry
funding and make further adjustments to prizemoney when
possible.
The COVID-19 pandemic had major impacts on all aspects
of the Club’s operations. On a positive note, the Club has
been able to continue racing throughout this period, which
has ensured the participants have been able to continue to
earn prizemoney. With a comprehensive COVID-19 safety
plan in place, the Club was also able to assist the industry by
conducting many additional race meetings during the period.
General Manager of Racing Operations, David Wonson, and
his team of track staff deserve high praise for their efforts
during this period.
The restrictions in place also impacted the proposed racing
schedule. Due to the regionalised racing model, which only
enabled participants to compete in one region, the TAB $1
Million pace was replaced with four $100,000 regional finals.
The Breeders Challenge series was postponed and will now
be conducted in October, with the Group One Finals to be
conducted at Club Menangle on Saturday night 24 October
2020. A recent decision by Harness Racing Australia to change
the racing season to a calendar year is likely to see the
Breeders Challenge remain in this late October time slot on a
permanent basis.
The Club in conjunction with the Inter Dominion Event
Committee and the other host partners (HRNSW, Harness
Racing Victoria and Harness Racing New Zealand) made
6 Club Menangle - 2020 Annual Report
the difficult decision to postpone the running of the Inter
Dominion series until late 2021. Whilst disappointing, this
decision will give the best opportunity to conduct a successful
carnival and do justice to the Club and the Inter Dominion
tradition.
The highlight of the year was the opening of the Menangle
Country Club as a registered club trading seven days a
week. The building internally, and externally together with
the landscaping, is an absolute credit to the design and
construction team. The venue is breathtaking and has
received outstanding reviews for atmosphere, catering
and service. Steve Moore, General Manager of Hospitality
Operations, is to be congratulated for his incredible
commitment to this project. This also extends to the highly
skilled and passionate team Steve has assembled, who
collectively have contributed to our outstanding reputation for
quality hospitality.
The trading has of course been impacted by the COVID-19
pandemic, which restricted our trading ability just weeks
after opening and then forced the complete closure of the
venue from 23 March 2020 through until 31 May 2020. After a
promising reopening in June, trade was once again impacted
by the COVID-19 outbreak at the nearby Crossroads Hotel,
which significantly impacted community confidence. Once
again on a more positive note, confidence is improving and
the first two weeks of trade in September 2020 have been
the best since the venue reopened. The restrictions and
ongoing fluctuations in community confidence will no doubt
present short term challenges, however as the residential
development commences in the Menangle Park area this
venue will provide long term financial sustainability for the
Club.
The Club works closely with all areas of the industry and
is a key contributor to both the Harness Racing Industry
Consultative Group and the Harness Racing Clubs Committee.
A strong relationship is vital with the other harness racing
clubs and industry associations.
I would like to thank and acknowledge the contribution of the
United Harness Racing Association (UHRA), Harness Breeders
NSW, the NSW Standardbred Owners Association and the
Trotters Association of NSW. The work of these passionate
industry volunteers is invaluable to our sport.
I would also like to acknowledge the work of Harness Racing
NSW under the Chairmanship of initially Rod Smith and more
recently Ken Brown and the management of Chief Executive
John Dumesny. The Club always works closely with HRNSW
however the importance of this relationship has never been
more evident than the past six months as we have navigated
through the never-ending operational challenges presented
by the COVID-19 pandemic.
I would like to thank the Directors of the Club for their
assistance, guidance and dedication to the Club’s success.
I would in particular like to acknowledge and thank the
Chairman, Robert Marshall. Robert, in his first year as
Chairman has dedicated enormous hours to this role and
no matter how early or late in the day, always makes himself
available to ensure the best possible outcome for our Club.
Finally, I would like to acknowledge and thank the loyal staff
for their outstanding contributions during a year that has
been more challenging than any I have ever encountered. I
am so proud of the positive attitude displayed by our staff
through incredibly uncertain times. I would particularly like
to acknowledge the efforts of our team of General Managers
who led by example during this time and ensured their staff
were kept well informed as circumstances changed so quickly.
The Board and Management will continue to address the
short term challenges as we recover from the COVID-19
pandemic, however we remain committed to the planning
 Miracle Mile Carnival

King of Swing defeats Code Bailey and AGS Whitesocks in the

Allied Express Sprint

With a wing on every heel, Line Up secures his second Derby

victory, with a dominant performance in the NSW Derby

Alta Orlando books his place in the

Miracle Mile with victory in the Schweppes Sprint
Bettors Heart returns to scale after her breathtaking Chariots of Fire champion Lochinvar Art
win in the Ladyship Mile parades before finishing runner up in
the Miracle Mile.

Stylish Memphis leads from start to

finish in the NSW Oaks

Club Menangle - 2020 Annual Report 7

Big Jack Hammer makes it back to back victories in the
Aquaguait Trotters Mile

Our Uncle Sam secures successive Platinum Projex Free For Alls
with a start to finish victory

8 Club Menangle - 2020 Annual Report

 Girl from Oz a popular winner of the Pink Bonnet
for Trainer/Driver Darren McCall

Tanyia Harris OAM was there to present the trophies to

Katrina Purdon and Driver, Robert Morris in the inaugural
running of the Tanyia Harris OAM stakes on Ladies Night,
won by Havtime.

Club Menangle - 2020 Annual Report 11

 The “King” looks pretty satisfied with himself post race.

Miracle
King of Swing defeats Lochinvar Art (2nd) and Alta Orlando (3rd) closely followed by
AGS Whitesocks (4th), My Field Marshall (5th), Code Bailey (6th), Bettors Heart (7th)
and Major Dan last (out of picture)

Well done boy, well done!

10 Club Menangle - 2020 Annual Report

 Presentation to the excited connections of King Of Swing accompanied by Troy Primmer
from Ainsworth and Member for Campbelltown, Mr Greg Warren.

e Mile
A very proud family moment for Luke and Belinda
McCarthy and their girls Madison & Lily.
A big crowd in anticipation
before the big race.

Club Menangle - 2020 Annual Report 11

 JC Caffyn Plate

ZIGGY ROCKS, Driven by Danny Scanlon wins the 2019 Plate The Plate Presentation

Winner of the 2019 J C Caffyn Plate,

Danny Scanlon with State Member for Campbelltown Greg Warren

12 Club Menangle - 2020 Annual Report

 Media Wall
Launch

Alan Gaskell, Bill Ellis, Ray Hadley & Ian Craig

Clyde Lett

Club Menangle - 2020 Annual Report 13

 Menangle Country Club
The Menangle Country Club opened in January 2020 with a number of events including a Members only private viewing, which included the ap-
pearance of the Melbourne Cup Trophy courtesy of Geoff Corrigan, Club Member and owner of the Melbourne Cup Winner, Vow and Declare.
The official opening took place on Thursday 30th January 2020 with the plaque unveiled by Campbelltown Mayor, George Brticevic and
State Member for Campbelltown, Greg Warren.

14 Club Menangle - 2020 Annual Report

Club Menangle - 2020 Annual Report 15
 Beersheba Day - 31 October

16 Club Menangle - 2020 Annual Report

Concise Financial Report
Statement of profit or loss and other comprehensive income
for the Financial Year Ended 30 June 2020
Year ended Year ended
30 June 2020 30 June 2019
$’000 $’000
Revenue 19,317 20,491
Investment income 472 7,034
Other gains and losses 38 3
Fair value movement of investment property (435) -
Fair value movement of biological asset (458) -
Materials and consumables used (748) (704)
Employee benefits expense (3,758) (3,256)
Depreciation expense (2,482) (1,911)
Prizemoney (13,874) (15,084)
Harness breeding expenses (365) -
Racing expenses (1,062) (1,426)
Marketing expenses (516) (495)
Facility maintenance (1,076) (1,025)
Administrative expenses (1,264) (1,246)
Publication expenses (350) (607)
Restructuring costs - (105)
Other expenses (122) (131)

(Loss)/profit before income tax expense (6,683) 1,538

Income tax expense - -

Net (Loss)/profit (6,683) 1,538

Other comprehensive income - -

Total comprehensive (loss)/income for the year (6,683) 1,538

Statement of Changes in Equity

for the Year Ended 30 June 2020

Investments Retained Total

Revaluation Earnings
Reserve $’000
$’000

Balance at 30 June 2018 3,160 169,514 172,674

Profit for the year - 1,538 1,538
Transfer of gains from other comprehensive
income (OCI) as a result of a reclassification of
financial assets from the fair value through
OCI measurement category to fair value through
profit or loss category, to retained earnings. (3,160) 3,160 -

Total comprehensive income for the year (3,160) 4,698 1,538

Balance at 30 June 2019 - 174,212 174,212

Loss for the year - (6,683) (6,683)

Total comprehensive loss for the year - (6,683) (6,683)

Balance at 30 June 2020 - 167,529 167,529

Club Menangle - 2020 Annual Report 17

 Discussion and analysis of the Profit or Loss and
Other Comprehensive income
The most significant factor in the Club’s loss was the
decline in investment revenue resulting from the COVID-19
pandemic. In the prior year, total income received from
investing activities was $7.034 million. The Club in the 7
months to January 2020 had generated $6.148 million from
the combined investment portfolio and was on track to
exceed the prior year earnings. In February and March 2020,
investment markets plunged into turmoil as the severity of
COVID-19 became more apparent. In that 8 week period the
investment portfolio lost over $12.2 million. The investment
portfolio recovered some of these losses however the net
investment revenue for the current year of $472,000 still
represents a decrease of $6.56 million on the previous year
and was the main contribution to the current year loss.
The Kirribilli Club property was the subject of an independent
valuation in line with accounting standards. As a result of
the falling property market partially due to the COVID-19
pandemic, there was a write down of $435,000 for this
investment.
It should be remembered that the Club’s investment
approach is based on a long term strategy and whilst the
impacts of COVID-19 have resulted in a significant hit to the
current year, the Club Board and Management are confident
in the recovery of these investments.
Total net revenue has fallen by $1.174 million from $20.491
million in FY 2019 to $19.317 million in the current year.
The opening of the Menangle Country Club as a registered
club trading seven days a week promised to significantly
grow the club’s revenue. Unfortunately, after opening to the
public on 6 February 2020, the outbreak of COVID-19 saw
the introduction of restrictions on trade and then resulted in
the forced closure of the venue from 23 March 2020 until 31
May 2020. During this period, the conduct of race meetings
continued however hospitality operations were forced to
cease at Trackside. Hospitality operations at both venues
recommenced on 1 June 2020 however continued to be
severely impacted due to a lack of community confidence
and the restrictions on trade.
Racing revenue was also impacted by the COVID-19
pandemic, with wagering revenue falling by $815,395 from
$15.170 million in FY 2019 to $14.355 million in the current
year. Other industry related funding also fell by $553,051
from $1.466 million in FY2019 to $0.913 million in the current
year. The was primarily due to the postponement of the
Breeders Challenge series, which will now be conducted in
FY2021.
With the opening of the Menangle Country Club, the size of
the Club’s operation increased significantly. This resulted in
additional costs in terms of staffing, maintenance, energy
and administration. When the COVID-19 pandemic hit, a
concerted effort was made to reduce expenditure where
possible. As a result, most expenses are comparable to last
year despite the increase in the size of the operation. The
main exception is employee benefits expense, which has
increased from $3.256 million in FY 2019 to $3.758 million
in the current year (net of the JobKeeper subsidy). This is
primarily due to the increased costs associated with the
Menangle Country Club, including the setup and training
required to establish the venue. The Club’s eligibility for
the JobKeeper scheme enabled the Club to maintain the
employment of the majority of full time staff. The majority
of casual staff were stood down during the COVID-19 period
as they did not qualify for the scheme. Job Keeper payments
received were passed onto staff.
Similarly, depreciation expense increased during the year.
Depreciation has increased from $1.911 million in FY 2019 to
$2.482 million in the current year. This increase of $571,000
is primarily due to the completion of the Menangle Country
Club construction and the adoption of AASB 16.
The ongoing impacts of the COVID-19 pandemic and the
18 Club Menangle - 2020 Annual Report
resultant downturn in revenue forced the Board and
Management to make some difficult decisions. This included
a reduction in base prizemoney, with these changes taking
effect in May 2020. With industry projections suggesting the
revenue downturn would continue into the 2021 financial
year, the Board determined a reduction in prizemoney was
required to protect the long-term financial sustainability of
the Club. Following an improved forecast for FY 2021, some
of the prizemoney reductions have already been reversed.
The Board and Management will continue to closely monitor
both wagering revenue and investment performances and
where possible make further improvements to prizemoney
levels.
Savings were made in the area of publication expense. The
ongoing fall in newspaper sales resulted in the transition to
an online presence only. The print version ceased production
in December 2019 and as a result costs associated with
the printing, distribution and production of the newspaper
were eliminated in the second half of the year, which saved
$257,000 compared to the prior year.
Another significant change this year was the introduction
of revenue and expenses from breeding rights. Purchased
during last year, the arrangement allows for the rights
to breed from the stallion Lazarus, during the southern
hemisphere breeding season. The revenue of $579,502 is
included in total revenue, with the expenses included in the
category of harness breeding expenses. As this is the first
breeding season, no revenue or expenses were included in
the prior period
Discussion and analysis of the Balance Sheet
The COVID-19 pandemic has also had a significant impact
on the balance sheet when compared to the prior year. The
pandemic, in conjunction with the construction of the new
country club, has resulted in some substantial movements to
assets classes over the period. The most notable is the decrease
in investment balances, and the increase in property, plant and
equipment. During the year over $13 million was withdrawn from
investments to fund purchases of property plant and equipment.
This was largely due to the construction of the new country club.
Investments have further been impacted by the coronavirus
pandemic. With the fall in financial markets, investments
have been adjusted down to reflect current market values.
Trade and other receivables have been impacted by the downturn
in wagering revenue. Distributions receivable as at 30 June 2020
were down over $600,000 when compared to the same time last
year.
Other assets have also fallen by over $2.8 million, however there
has been a corresponding increase to biological assets. In the
prior year, other assets included the prepayment of the Lazarus
breeding rights. With the breeding operations now in progress,
this has been reclassified as a biological asset in the current year.
Liabilities have also experienced a decrease over the period.
Trade and other payables have fallen by almost $2 million, which
is largely attributable to the construction works underway at the
end of last year. With the construction of the new country club
now complete, there were no outstanding liabilities as at 30 June
2020.
Similarly, there has also been a reduction in prizemoney
commitments payable at the end of this year. The Breeders
Challenge series, normally scheduled for June, was postponed
due to the coronavirus pandemic. Therefore, prizemoney
commitments normally owing at this time of year, did not
eventuate in the current season.
In the current year, the company has applied the new accounting
standard AASB 16 Leases for the first time. AASB 16 introduces
significant changes to lessee accounting by removing the
distinction between operating and finance leases, and is replaced
by a model where a right-of-use asset and a corresponding liability
are recognised for all leases by lessees. As a result, operating
leases have now been recognised on the balance sheet for the
first time. This has increased lease liabilities by $277,000 and right-
of-use assets by $276,000 when compared to last year.
 Statement of Financial Position
as at 30 June 2020
Year ended Year ended
30 June 2020 30 June 2019
$’000 $’000
Current assets
Cash and cash equivalents 401 326
Trade and other receivables 4,374 4,990
Investments 75,858 94,232
Inventories 149 115
Other 132 3,000

Total current assets 80,914 102,663

Non-current assets
Property, plant and equipment 69,903 58,912
Right-of-use assets 276 -
Investment property 17,380 17,815
Biological assets 2,417 -

Total non-current assets 89,976 76,727

Total assets 170,890 179,390

Current liabilities
Trade and other payables 2,281 4,262
Lease liabilities 54 -
Provisions 594 786

Total current liabilities 2,929 5,048

Non-current liabilities
Lease liabilities 223 -
Provisions 209 130

Total non-current liabilities 432 130

Total liabilities 3,361 5,178

Net assets 167,529 174,212

Equity
Retained earnings 167,529 174,212

Total equity 167,529 174,212

Club Menangle - 2020 Annual Report 19

 Statement of Cash Flows
for the Financial Year ended 30 June 2020
Year ended Year ended
30 June 2020 30 June 2019
$’000 $’000
Cash flows from operating activities
Receipts from customers 22,035 22,207
Payments to suppliers and employees (27,184) (25,687)

Net cash used in operating activities (5,149) (3,480)

Cash flows from investing activities

Payments for property, plant and equipment (13,434) (3,488)
Proceeds on sale of property, plant and equipment 64 6
Investment income 846 1,028
Investment management fees and taxes (183) (199)
Purchase of Lazarus Breeding Rights - (2,875)
Payments to acquire investments - (35,000)
Net proceeds from withdrawal of investments 18,000 43,500

Net cash provided by investing activities 5,293 2,972

Cash flows from financing activities

Payment of lease liabilities (69) -

Net cash used in financing activities (69) -

Net increase/(decrease) in cash and cash equivalents 75 (508)

Cash and cash equivalents at the beginning of the

financial year 326 834

Cash and cash equivalents at the end of the financial

year 401 326

Discussion and analysis of the Statement of Cash Flows

The net cash used in operating activities increased compared
to that in the prior period. Despite falling revenue streams,
actual cash received from customers remained relatively
consistent. This was due to an increased receivable balance
at the end of last year. Furthermore, it was boosted by
new revenue streams received from the use of breeding
rights and from government subsidies. On the other hand,
payments to suppliers and employees increased by over
$1.5 million. This is mainly attributed to increased costs
associated with opening of the new country club, as well as
increased payable levels at the end of last year.
The net cash provided by investing activities increased by
$2.3 million. This was largely funded by a net increase in
funds withdrawn from investments. In total $18 million was
withdrawn in the current year. Of this $13.4 million was
used to purchase property, plant and equipment, including
the construction if the new club. Despite a reallocation of
funds across investments in the prior year, only $8.5 million
was withdrawn from a net point of view. Of this, $2.8 million
was used to purchase the Lazarus breeding rights and $3.5
million was used in the purchase of property plant and
equipment.

20 Club Menangle - 2020 Annual Report

Notes to the Financial Statements
1. Summary of Accounting Policies
Basis of preparation
The concise financial report has been prepared in
accordance with the Corporations Act 2001 and Accounting
Standard AASB 1039 ‘Concise Financial Reports’. The
concise financial report, including the financial statements
and specific disclosures included in the concise financial
report, has been derived from the full financial report of
NSW Harness Racing Club Limited.
All amounts are presented in Australian dollars.
A full description of the accounting policies adopted by the
entity is provided in the notes to the financial statements
which form part of the full financial report.
The company is a company of the kind referred to in ASIC
Corporations (Rounding in Financials/Directors’ Reports)
Instrument 2016/191, dated 24 March 2016, and in
accordance with that Corporations Instrument amounts
in the directors’ report and the concise financial report
are rounded off to the nearest thousand dollars, unless
otherwise indicated.
The concise financial report was authorised for issue by the
Directors on 24 September 2020.
2. Application of new and revised Accounting
Standards
The company has adopted all of the new and revised
Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to
its operations and effective for an accounting period that
begins on or after 1 July 2019.
New and revised Standards and amendments thereof
and Interpretations effective for the current year that are
relevant to the company include:
AASB 16 Leases
In the current year, the company has applied AASB 16
Leases, which is effective for annual periods that begin on
or after 1 July 2019.
AASB 16 introduces new or amended requirements with
respect to lease accounting. It introduces significant
changes to lessee accounting by removing the distinction
between operating and finance lease and requiring the
recognition of a right-of-use asset and a lease liability
at commencement for all leases, except for short-term
leases and leases of low value assets. In contrast to lessee
accounting, the requirements for lessor accounting have
remained largely unchanged. The impact of the adoption of
AASB 16 on the company’s financial statements is described
below.
The date of initial application of AASB 16 for the company is
1 July 2019.
The change in definition of a lease mainly relates to the
concept of control. AASB 16 determines whether a contract
contains a lease on the basis of whether the customer
has the right to control the use of an identified asset for
a period of time in exchange for consideration. This is in
contrast to the focus on ‘risks and rewards’ in AASB 117 and
Interpretation 4.
AASB 16 changes how the company accounts for leases
Club Menangle - 2020 Annual Report 21
previously classified as operating leases under AASB 117,
which were off balance sheet.
Applying AASB 16, for all leases (except as noted below), the
company:
• Recognises right-of-use assets and lease liabilities in
the consolidated statement of financial position, initially
measured at the present value of the future lease
payments
• Recognises depreciation of right-of-use assets and
interest on lease liabilities in profit or loss
• Separates the total amount of cash paid into a principal
portion (presented within financing activities) and
interest (presented within financing activities) in the
consolidated statement of cash flows.
In cases where the company is a lessor, AASB 16 does not
change substantially how a lessor accounts for leases. As
a result, the application of AASB 16 on lessor accounting
did not have any impact on the amounts recognised in
the company’s financial statements. As at 1 July 2019 the
company acted as a lessor of property occupied by the
Kirribilli Club.
The tables below show the amount of adjustment for each
financial statement line item affected by the application of
AASB 16 for the current year.
30 June 2020
$000
Impact on loss for the year
Increase in depreciation
of right-of-use asset (1) (71)
Increase in finance costs (1) (4)
Decrease in administrative
expenses (1) 69
Increase/(decrease)
in loss for the year (6)
Previously AASB 16 As at
Reported Adjustments 1 July 2019
Impact on assets,
liabilities and equity
as at 1 July 2019
Right-of-use assets (1) - 75 75
Lease liabilities (1) - (75) (75)
Retained earnings - - -
(1)
The application of AASB 16 to leases previously classified as operating
leases under AASB 117 resulted in the recognition of right-of-use assets
of $75,448 and lease liabilities of $75,448. It also resulted in a decrease
in administrative expenses of $69,411 and an increase in depreciation of
$71,132 and interest expense of $4,219. Transactions relating to leases
of biological assets are out of scope of AASB 16. Thus, from 1 July 2019
management has accounted for the transaction under the requirements of
AASB 141 – Agriculture.
 AASB 1058 Income of Not-for-Profit Entities and AASB
15 Revenue from Contracts with Customers
The company has applied AASB 1058 Income of Not-
for-Profit Entities and AASB 15 Revenue from Contracts
with Customers for the first time in the current period.
AASB 1058 clarifies and simplifies the income recognition
requirements that apply to not-for-profit (NFP) entities, in
conjunction with AASB 15. The new income recognition
requirements shift the focus from a reciprocal/non-
reciprocal basis to a basis of assessment that considers
the enforceability of a contract and the specificity of
performance obligations.
The core principle of the new income recognition
requirements in AASB 1058 is when a NFP entity enters into
transactions where the consideration to acquire an asset is
significantly less than the fair value of the asset principally
to enable the entity to further its objectives, the excess
of the asset recognised (at fair value) over any ‘related
amounts’ is recognised as income immediately.
Under AASB 15, an entity recognises revenue when (or as) a
performance obligation is satisfied, i.e. when ‘control’ of the
goods or services underlying the particular performance
obligation is transferred to the customer. AASB 15
introduced a 5-step approach to revenue recognition.
Far more prescriptive guidance has been added in AASB
15 to deal with specific scenarios. Details of the new
requirements as well as their impact on the entity’s financial
statements are described below.
The 5-step approach to revenue recognition includes:
• Step 1: Identify the contract(s) with a customer
• Step 2: Identify the performance obligations in the
contract
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to the performance
obligations in the contract
• Step 5: Recognise revenue when (or as) the entity
satisfies a performance obligation
The directors of the company have assessed the
performance obligations of the various contracts with
customers. For most of the company’s revenue streams,
the performance obligation is satisfied at the time the
transaction occurs. That is, when the goods or services
are provided. This includes revenues obtained from
the provision of food and beverage, gaming services,
newspaper and advertising sales.
For racing related revenue, the performance obligation is
satisfied when the race meeting has occurred. Therefore
revenue is recognised when the ‘event’ has taken place and
the performance obligation is transferred. This includes
revenue obtained from TAB and Racefields distribution,
sponsorship and race funding.
Under both these scenarios, this is similar to the former
revenue recognition under AASB 118 Revenue.
Apart from providing more extensive disclosures for the
company’s revenue transactions, the application of AASB
15 has not had a significant impact on the financial position
22 Club Menangle - 2020 Annual Report
and/or financial performance of the entity.
At the date of authorisation of the financial statements,
the company has not applied the following new and
revised Australian Accounting Standards, Interpretations
and amendments that have been issued but are not yet
effective:
Effective for Expected to be
annual reporting initially applied in
periods beginning the financial year
Standard/Interpretation on or after ending
AASB 2018-6 Amendments to Austra- 1 January 2021 30 June 2021
lian Accounting Standards - Definition of
a Business
AASB 2018-7 Amendments to Austra- 1 January 2021 30 June 2021
lian Accounting Standards – Definition
of Material
AASB 2019-1 Amendments to Austra- 1 January 2021 30 June 2021
lian Accounting Standards – References
to the Conceptual Framework
AASB 2019-3 Amendments to Austra- 1 January 2021 30 June 2021
lian Accounting Standards – Interest
Rate Benchmark Reform
AASB 2019-5 Amendments to Austra-
lian Accounting Standards – Disclosure
1 January 2021 30 June 2021
of the Effect of New IFRS Standards
Not Yet Issued in Australia
3. Segment information
The company derives revenue primarily from the
sponsorship and development of the Harness Racing
Industry. The company’s operations are carried out in
Australia.
4. Subsequent events
Subsequent to the end of the financial year there continues
to be considerable economic impacts in Australia and
globally arising from the outbreak of COVID-19 virus and
Government actions to reduce the spread of the virus. The
outbreak of COVID-19 has impacted on revenue streams
of the company in the current financial year. In particular,
wagering revenue, investment income, catering and gaming
revenue have all been impacted. As the severity and
duration of the economic impact of COVID-19 is unknown
at the date of signing the financial report the company is
unable to determine what financial effects the outbreak of
the virus may have on the company in the coming financial
period. Furthermore, during the year to 30 June 2020, the
company received $478,500 in Jobkeeper support, however
the company’s eligibility after September 2020 is not
certain. Negotiations surrounding the rental income to be
received from our Kirribilli property are also ongoing at the
date of signing the report. No future financial effects arising
from the economic impacts of the virus have been included
in the financial results for the year ended 30 June 2020.
Furthermore, subsequent to year end the Directors and
management of the company have been monitoring the
medical condition of the stallion, Lazarus, which was
transported into Australia in August 2020 as part of its
southern hemisphere breeding programme. Upon arrival,
veterinary results identified a temperature spike with the
stallion. This may have an impact on the fertility rate of the
stallion for the upcoming breeding season, however at the
date of signing the financial report the financial impacts of
this cannot be determined.
Directors’ Declaration
The directors declare that
1. in the directors’ opinion, the attached financial statements and notes thereto comply with Accounting Standard AASB 1039
‘Concise Financial Reports’; and
2. the attached financial statements and notes thereto have been derived from the full financial report of the company.
Signed in accordance with a Resolution of the Directors.

On behalf of the Directors

Robert Marshall Michael Brown

Chairman Deputy Chairman
Sydney, 24 September 2020 Sydney, 24 September 2020

Other information - unaudited

Core Property
In accordance with the Registered Clubs Act the following
information is provided to members; Pursuant to Section
41J(2) of the Registered Clubs Act for the financial year
ended 30 June 2020:
a) The following properties are core property of the Club;
i. The defined premises of the Registered Club property which is declared by the members at a
located at Menangle Park Paceway, Racecourse general meeting of ordinary members of the Club
Avenue, Menangle Park, NSW.
ii.The defined premises of the Registered Club
located at Menangle Country Club, 170 Menangle Rd,
Menangle Park, NSW.
b) The following properties are non-core properties:
All other properties owned by the Club and not
included in a)i above.
Notes to Members
1. Section 41J (2) of the Registered Clubs Act requires
the Annual Report to specify the core property and
non-core property of the Club as at the end of the
financial year to which the report relates.
2. Core property is any real property owned or
occupied by the Club that comprises:
(a) the defined premises of the Club; or
(b) any facility provided by the Club for use of its
members and their guests; or
(c) any other property declared by a Resolution
passed by a majority of the members present at a
general meeting of Ordinary members of the Club to
be core property of the Club.
3. Non-core property is any other property other than
that referred to above as core property and any
not to be core property.
4. The significance of the distinction between core
property and non-core property is that the Club
cannot dispose of any core property unless:
(a) the property has been valued by a registered
valuer within the meaning of the Valuers Act 2003;
and
(b) the disposal has been approved at a general
meeting of the Ordinary members of the Club at
which the majority of the votes cast support the
approval; and
(c) any sale is by way of public action or open tender
conducted by an independent real estate agent or
auctioneer.
These disposal provisions are to some extent modified
by regulations made under the Registered Clubs Act
which provide for a number of exceptions and by
Section 41J itself.

Club Menangle - 2020 Annual Report 23

 Independent Auditor’s Report
to the Members of New South Wales Harness Racing Club Limited
Opinion
We have audited the concise financial report of New South
Wales Harness Racing Club Limited (the “Entity”), which
comprises the statement of financial position as at 30 June
2020, the statement of profit or loss and other comprehensive
income, the statement of changes in equity, the statement
of cash flows for the year then ended, and related notes,
derived from the financial report of New South Wales Harness
Racing Club Limited for the year ended 30 June 2020 and the
discussion and analysis.
In our opinion, the accompanying concise financial report,
including the discussion and analysis of New South Wales
Harness Racing Club Limited, complies with Accounting
Standard AASB 1039 Concise Financial Reports.
Basis for Opinion
We conducted our audit in accordance with Australian
Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s
Responsibilities for the Audit of the Concise Financial Report
section of our report. We are independent of the Entity in
accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES
110 Code of Ethics for Professional Accountants (including
Independence Standards) that are relevant to our audit of the
concise financial report in Australia. We have also fulfilled our
other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Concise Financial Report
The concise financial report does not contain all the
disclosures required by the Australian Accounting Standards
in the preparation of the financial report. Reading the concise
financial report and the auditor’s report thereon, therefore,
is not a substitute for reading the financial report and the
auditor’s report thereon.
The Financial report and Our Report
Thereon
We expressed an unmodified audit opinion on the financial
report in our report dated 25 September 2020.
24 Club Menangle - 2020 Annual Report
Responsibilities of the Directors for the
Concise Financial Report
The directors of the Entity are responsible for the preparation
of the concise financial report in accordance with Accounting
Standard AASB 1039 Concise Financial Reports, and the
Corporations Act 2001, and for such internal control as the
directors determine is necessary to enable the preparation of
the concise financial report.
Auditor’s Responsibilities for the Audit of
the Concise Financial Report
Our responsibility is to express an opinion on whether the
concise financial report, in all material respects, complies
with AASB 1039 Concise Financial Reports and whether the
discussion and analysis complies with AASB 1039 Concise
Financial Reports based on our procedures, which were
conducted in accordance with Auditing Standard ASA 810
Engagements to Report on Summary Financial Statements.
DELOITTE TOUCHE TOHMATSU
Nathan Balban
Partner
Chartered Accountants
Parramatta, 25 September 2020
Liability limited by a scheme approved under Professional Standards
Legislation. Member of Deloitte Pacific Limited and the Deloitte Organisation.
Auditor’s independence declaration
Dear Board Members New South Wales Harness Racing
Club Limited
In accordance with section 307C of the Corporations Act
2001, I am pleased to provide the following declaration of
independence to the directors of New South Wales Har-
ness Racing Club Limited.
As lead audit partner for the audit of the financial state-
ments of New South Wales Harness Racing Club Limited
for the financial year ended 30 June 2020, I declare that to
the best of my knowledge and belief, there have been no
contraventions of:
(i) the auditor independence requirements of the
Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in
relation to the audit.
Yours faithfully
DELOITTE TOUCHE TOHMATSU
Nathan Balban, Partner, Chartered Accountants,
Parramatta, 24 September 2020.
Liability limited by a scheme approved under Professional Standards
Legislation. Member of Deloitte Pacific Limited and the Deloitte Organisation.
Club Menangle,
Racecourse Avenue, Menangle Park NSW 2563
Ph: (02) 4645 2200
Email: info@clubmenangle.com.au
Web: www.clubmenangle.com.au
Feature Races 2019/2020 Racing Season

Date Event Pizemoney Winner Trainer Diver Dis- Time Rate

23/11/2019 Spotpress Tony Turnbull Free For All $30,600 Alta Orlando NZ C A Cross L A McCarthy 2300m 2:47.1 1:56.9

7/12/2019 John Binskin Free For All $30,600 Hail Christian NZ P T Court J E Trainor 1609m 1:54.3 1:54.3

14/12/2019 McLaren Real Estate Alf Phillis Free For All $30,600 Alta Orlando NZ C A Cross L A McCarthy 2300m 2:43.3 1:54.2

6/01/2020 Club Menangle Simpson Memorial $50,000 Governor Jujon G W Dixon R P Morris 1609m 1:52.8 1:52.8

11/01/2020 Garrards New Year Gift Final $30,600 Bright Energy C A Cross L A McCarthy 1609m 1:50.1 1:50.1

11/01/2020 Garrards Raith Memorial $50,000 Dr Susan NZ C T Dalgety A M Butt 1609m 1:52.1 1:52.1

18/01/2020 Harness Breeders NSW Go Girlfriend Series Final $30,600 Imperials Gem K F Kenna A J Turnbull 1609m 1:53.9 1:53.9

25/01/2020 Perc Hall Free For All $30,600 King of Swing NZ C A Cross L A McCarthy 1609m 1:48.7 1:48.7

1/02/2020 Club Menangle Brian Hancock Free For All $30,600 My Field Marshal NZ T G Butt J E Trainor 2300m 2:43.3 1:54.2

8/02/2020 Cordina Chicken Farms Hondo Grattan Stakes $50,000 Self Assured NZ M Purdon & N C Rasmus- M Purdon 1609m 1:50.3 1:50.3

15/02/2020 Cordina Chicken Paleface Adios Stakes $50,000 Hurrican Harley E J Stewart K Frenning 1609m 1:50.6 1:50.6

15/02/2020 Garrards Sibelia Stakes $50,000 Hows The Memory NZ C A Cross T P McCarthy 1609m 1:51.2 1:51.2

22/02/2020 Cordina Chicken Farms Chariots of Fire $200,000 Lochinvar Art D N Moran D N Moran 1609m 1:50.1 1:50.1

22/02/2020 Theresa Cordina Robin Dundee Stakes $50,000 Our Princess Tiffany M Purdon & N C Rasmus- M Purdon 1609m 1:49.9 1:49.9

29/02/2020 Allied Express Sprint $100,000 King Of Swing NZ C A Cross L A McCarthy 1609m 1:49.6 1:49.6

29/02/2020 Schweppes Sprint $100,000 Alta Orlando NZ C A Cross T P McCarthy 1609m 1:50.0 1:50.0

29/02/2020 Schweppes Lady Drivers Invitational $25,000 Catch A Moment A J Turnbull S Lippiatt 1609m 1:50.6 1:50.6

29/02/2020 John Gibson Memorial NSW Oaks $200,000 Stylish Memphis NZ M P Jones & B R Hill M Purdon 2400m 2:50.1 1:54.0

29/02/2020 Boden Projects Ladyship Mile $200,000 Bettors Heart NZ P D Bagrie J R Dunn 1609m 1:49.7 1:49.7

29/02/2020 Allied Express Fran Fitzpatrick Pink Bonnet Stakes $50,000 Girl From Oz D J McCall D J McCall 1609m 1:55.6 1:55.6

7/03/2020 Aquagait Trotters Mile $50,000 Big Jack Hammer D Aiken J W Aiken 1609m 1:54.7 1:54.7

7/03/2020 APG NSW Derby $200,000 Line Up NZ A M Butt A M Butt 2400m 2:48.3 1:52.8

7/03/2020 Platinum Projex Free For All $100,000 Our Uncle Sam C B Frisby A C Frisby 2400m 2:50.8 1:54.5

7/03/2020 Ainsworth Miracle Mile $1,000,000 King Of Swing NZ C A Cross L A McCarthy 1609m 1:48.0 1:48.0

7/03/2020 Slingsby Holdings Sapling Stakes $50,000 Tasty Delight B P Portelli B P Portelli 1609m 1:52:4 1:52:4

14/03/2020 Team Teal HRNSW Four Year Old Trotters Founda- $22,950 Flingandwingit C A Cross L A McCarthy 2300m 2:51.3 1:59.9

21/03/2020 Ainsworth Game Technology Autumn Gift Final $30,600 Molly Kelly C A Cross T P McCarthy 1609m 1:52.4 1:52.4

18/04/2020 Ainsworth-a-Star Golden Easter Egg $30,600 Our Antonio Rose J R Grimson J R Grimson 1609m 1:54.9 1:54.9

2/05/2020 Society 389 La Coocaracha $30,600 Sassy Pants NZ T G Butt A M Butt 1609m 1:55.6 1:55.6

9/05/2020 Schweppes NSW Trotters Derby $40,000 Elite Stride A M Butt A M Butt 2300m 2:48.5 1:57.9

12/05/2020 Schweppes Bulli Trotters Cup $16,960 Andyou A D Alchin J J Alchin 2300m 2:54.9 2:01.9

16/05/2020 HRNSW Three Year Old Trotters Foundation Final $22,500 Elite Stride A M Butt A M Butt 2300m 2:51.7 2:00.1

23/05/2020 TAB Metropolitan Region Championship Final $100,000 Wolf Stride A M Butt A M Butt 2300m 2:42.4 1:53.6

6/06/2020 Cabra-Vale Diggers J.D. Watts Memorial $30,600 Pocket Of Terror C A Cross T P McCarthy 2300m 2:46.3 1:56.4

6/06/2020 HRNSW Two Year Old Trotters Foundation Final $15,300 On Advice B P Fitzpatrick B P Fitzpat- 2300m 2:56.0 2:03.1

13/06/2020 Woodlands Stud Golden Mile $30,600 Cash N Flow NZ C A Cross L A McCarthy 1609m 1:50.2 1:50.2

20/06/2020 Multiquip Pace Final $30,600 Pitch Perfect NZ R E Roots jnr T M Ison 1609m 1:49.8 1:49.8

27/06/2020 Hylands EOFY Sale Frith Stakes $30,600 Black Silhouette C A Cross J R Rattray 1609m 1:50.5 1:50.5

11/07/2020 Farmer Joes Outlet Final $30,600 Whereyabinboppin S T Sanderson C M Hart 1609m 1:50.5 1:50.5

29/08/2020 Harness Breeders NSW Pink Diamond Stakes 3YO $16,320 Operative Anna J R Rattray J R Rattray 1609m 1:55.2 1:55.2

29/08/2020 Jill McGrath Franco Australian Trotters Cup $31,800 More Shades of Gold B P Fitzpatrick J E Trainor 2300m 2:51.5 2:00.0
ORGANISATIONS SUPPORTED THROUGHOUT THE YEAR

The Club also suppports many more local schools, sporting clubs and associations